MTN Group Ltd., Africa’s biggest mobile-phone company that’s facing a $5.2 billion fine in Nigeria, must follow the rules in countries where it does business, South African Deputy President Cyril Ramaphosa said.
“We will obviously be taking note of what is happening with a view of seeing how the company involved responds and reacts in this matter,” Ramaphosa told lawmakers in Cape Town on Wednesday. “We would like our companies to comply with the laws and regulations of countries where they operate, without violating those.”
The comments by Ramaphosa, a former chairman of MTN, suggest South African authorities may leave MTN to fend for itself as it seeks to have the penalty reduced. MTN shares have slumped 14 percent since Oct. 26, when Nigeria’s industry regulator imposed the fine for failing to disconnect customers with unregistered phone cards.